Condo and Coop Board Meeting Minutes in NYC Explained
Go Back To Previous PageBeing part of a condo or co-op means buying a home that is part of a community. However, how much of a neighborhood can vary from place to place. Regardless of which community you’ve joined, certain things are a natural part of buying a unit. One of these is reviewing the condo (or co-op) Board Meeting Minutes before you decide to sign on the dotted line. Many underestimate what meeting minutes
reveal and make the grave mistake of skimming through them or ignoring them altogether. Before you think these minutes aren’t worth your time, reading about their role in the co-op and condo-buying process is a good idea. We will give sample board meeting minutes examples and board meeting minutes templates.
Reviewing condo and coop board meeting minutes is a critical due diligence step. In this article, we’ll explain everything you need to know about board meeting minutes, from where to find them to how far back they go.
What Are Condo And Co-Op Board Meeting Minutes?
Condo and co-op communities both function by holding meetings with the Board and residents who live there. Every session, the official Board (or HOA, in the condo’s case) brings up issues that affect the community. This can include noisy neighbors’ recent tax increases to more innocuous things like community parties. Depending on the meeting, there is a chance that the Board (or HOA) will vote on new policies.
These policies can include adding new fines to residents who disobey the rules, increasing maintenance fees, or determining a day when owners can do repairs.
Minutes record Board Meetings. Those small notes ensure that everyone is up to speed on what happened, why, and any
objections they may have had.
Why Is Reviewing The Meeting Minutes So Important?
Condo and co-op meeting minutes give you a fantastic glance into the inner workings of the community you’re about to join. It will give you an idea of how the Board or HOA works, what procedure the minutes tend to follow, and how much residents have in how the community’s run. Of course, meeting frequency is also pretty good to know.
The bigger reward with reading the minutes is getting a feel for issues you might encounter. For example, if you notice any noise complaints from neighbors, you may want to address this. If the police were called to a particular unit, ask why and what was done about it.
Another essential thing to look for is any ongoing litigation or litigation results. This can let you know if there is any underhanded behavior you need to be aware of before moving in.
How Detailed Do Minutes Get?
This varies from community to community. Some will have full meeting agendas transcribed professionally, though that’s rare. Most of the time, it’s just a
collection of small, simple highlights that explain the cause of the meeting and the notes of what each board member contributed.
If the Board enacts a new policy, the minutes will mention it. The same goes for any votes that occur, too.
Where Can I Obtain Co-Op And Condo Meeting Minutes?
The vast majority of condos and co-ops will only allow people to access the minutes in their signing office in person. It’s typical for potential buyers to call up the co-op or condo signing office and schedule an appointment to see the meeting minutes.
From there, they’ll give you a day where you can sit in the office and check out the notes.
How Far Back To Co-Op And Minutes Go?
Meeting minutes are considered critical legal documents and often pulled up in court. This means most communities will have them dating back to the official incorporation of the condo or co-op. Of course, if the co-op is older than 100 years (something that sometimes happens in New York City), the most recent 50 years will be stored in the building.
That said, most real estate lawyers in New York will only want to look through the last two years. The past two years give a reasonably accurate read of the condo, and most information that goes beyond that wouldn’t be relevant in court.
Should You Read The Condo And Co-Op Minutes Alone?
While you can, you probably shouldn’t. An excellent real estate attorney can help you learn to “read between the lines” during the
meetings. In other words, a lawyer will make it easier for you to determine whether the co-op or condo’s focus or management is reasonable. If it isn’t, your attorney will be able to advise you on how to duck out politely.
Lawyers are great at finding details in documents; this is teamwork. Having a second pair of eyes will reveal issues you’d miss otherwise.
Are All The Community’s Details Present In The Meeting Minutes?
Reading the meeting minutes can be a reasonably revealing process, but things get skipped over. This is by design. Notetakers write the minutes with the intent of keeping them vague and opaque, and this reduces liability and also keeps them from going off-track.
Sometimes, you might not get the whole story. Before you assume you know the scoop, ask these questions:
- Are there any repairs or upgrades planned for the future? Ask if the minutes skipped over their mentions.
- Were there shareholders present, and if so, why? Most communities only let shareholders or residents into the board meetings if they have a significant complaint. For example, a shareholder might drop in for an appointment if the Board ignores their complaints.
- Is there any pending litigation omitted from the Board Meeting Minutes? Some co-ops and condos won’t include much about litigation in the minutes, which can harm the potential court case. The only way to ensure you get the full scoop is to ask them directly.
- What are the details of this significant capital project? If you see a big project mentioned without many details, it’s essential to get to
the bottom. If you do not get a straightforward answer, ask a lawyer what you should do. It might not be a brilliant idea to pursue that co-op!
A Final Note About Meeting Minutes
Meeting minutes often act as a significant barometer for communities, and overactive minutes or major complaints should raise a red flag. Too many vague statements, too, are too much to handle. Whenever you feel lost while reading the Board Meeting Minutes, re-read them and ask questions.
You can never be too careful!
